Australian Financial Crimes Exchange

The Australian Financial Complaints Authority (AFCA) latest Annual Review shows a huge year for complaints, hitting a record 104,861 in 2023-24—10% of these about scams. The bright side? Scam complaints finally turned downwards late in the year, thanks to efforts like the National Anti-Scams Centre and bank account name checks. What we’re seeing: • Scam Complaints Falling: Fewer scam cases in recent months mean some new safeguards are working, but there's still plenty to do. • Financial Strain is Real: Complaints tied to financial hardship shot up 18%, with issues in credit, home, and personal loans. • Insurance Still a Pain Point: Car and home insurance costs have skyrocketed, leaving consumers frustrated by lackluster support. • AFCA’s Chief Ombudsman David Locke is calling for banks, telcos, and digital platforms to step up with real consumer protections and a friendlier, resolution-focused approach. "We all have a part to play in making the digital shift safer and more supportive," says Locke. Learn more and read the full report here: https://hubs.la/Q02Wzkl40 #AFCA #ScamPrevention

The Department of Energy, Mines, Industry Regulation, and Safety (DEMIRS) is urging motorists to be extra cautious after a surge in post-accident scams. Fraudulent operators posing as insurers are targeting drivers, pressuring them into unnecessary towing services and charging inflated fees. Some drivers, misled by online search results, are tricked into contacting "accident management" companies posing as their insurers. Victims are often told their cars are unsafe to drive, despite minor damage, and are hit with sky-high towing bills. Legislation is currently under review to regulate the towing industry, aiming to protect drivers from these exploitative practices. If you believe you've been scammed, contact Consumer Protection to file a complaint. Learn more here: https://hubs.la/Q02VNHfp0 #ScamPrevention #InsuranceFraud #TowingScams #ConsumerProtection

The Albanese Government is stepping up the fight against scammers with $14.7 million in funding to create a clear pathway for scam victims to seek compensation. Through the Australian Financial Complaints Authority (AFCA), victims will have a single avenue for redress, holding banks, telecommunication service providers and digital platforms accountable if they fail to protect consumers. This initiative is part of the broader Scams Prevention Framework, aimed at preventing, detecting, and disrupting scams, ensuring Australia becomes the hardest target for scammers. Learn more here: https://hubs.la/Q02VNKLK0 #ScamPrevention #ScamAwareness #CyberSecurity

To deal with the increased security workloads following the establishment of the National Anti-Scam Centre and the launch of Digital ID, the Australian Competition and Consumer Commission (ACCC) has launched a new program to bolster its cyber security. As of 1 December, the ACCC will regulate Digital ID services, ensuring accredited organisations comply with security standards. This marks a critical step in safeguarding digital identities and combating online fraud in Australia. Learn more here: https://hubs.la/Q02VNGqc0 #CyberSecurity #ACCC #DigitalID #NationalAntiScamCentre #DataProtection

Large criminal networks are scamming Australians by selling fake, imported smartphones on platforms like Facebook Marketplace. Victims have lost thousands after purchasing what they thought were high-end phones, only to discover they were cheap knock-offs. These scams are widespread across Australia, with counterfeit phones using low-end parts disguised as premium models. Experts warn: always test electronics in person and be cautious of online sellers asking for personal details like your driver’s license. Learn more here: https://hubs.la/Q02VzJmD0 #ScamAlert #FakePhones #CyberSafety #OnlineMarketplace #ConsumerProtection

Cybercriminals in the UK are using advanced technologies like AI to hack email and social media accounts, leading to significant fraud losses. Over 33,000 victims have reported losses exceeding $1.8 million in the past year. While this warning was issued in the UK, it’s relevant to everyone worldwide. Action Fraud, operated by law enforcement in the UK, urges all users to activate two-factor authentication (2FA) to protect their accounts. While 2FA isn’t foolproof, it greatly strengthens your account security. Read more here: https://hubs.la/Q02VzwDr0 #CyberSecurity #2FA #StaySafeOnline #FraudPrevention #DigitalSafety

A new report from a data and privacy advocacy body suggests the online ad industry’s Real-Time Bidding (RTB) system may be used by scammers to target Australians. This report suggests that RTB, designed to personalise ads, is now being used to build detailed profiles of people’s habits, movements, and preferences – data that can be exploited by scammers. Whether it’s a toll road or package delivery, this system can reveal just enough to make scam messages feel authentic. As the number of scams grows alongside RTB, this organisation is calling for urgent reforms to data privacy laws to protect Australians. Until then, privacy tools like Privacy Badger can offer some defense.. Learn more: https://hubs.la/Q02S6STl0 #CyberSecurity #OnlinePrivacy #ScamAwareness #DataProtection #RTB #ProtectYourData #PrivacyAct

New data reveals a rise in data breaches at Services Australia, with scammers using stolen information from previous hacks to gain access to customer accounts. As of July 2024, 49 data breaches linked to social engineering – where fraudsters impersonate others to access sensitive information – have been reported, a staggering 440% increase from the nine cases recorded in 2023. The spike follows high-profile breaches affecting millions of Australians, and highlights the ongoing threat of identity theft, phishing scams, and credential theft. Services Australia urges customers to regularly check their accounts and contact their support hotline if they suspect any unauthorised access. Learn more: https://hubs.la/Q02S6PVj0 #CyberSecurity #DataBreach #ProtectYourData #IdentityTheft #PhishingScams #ServicesAustralia #StayVigilant

October marks the start of Cyber Security Awareness Month with the theme "Secure Our World." As cyber threats grow, it's crucial that individuals and businesses alike take action to protect their digital environments. From using multifactor authentication to automating patching processes, here are some expert-recommended tips to strengthen your cyber defenses: • Prioritise password security with a password manager. • Automate IT processes to reduce human error and burnout. • Focus on proper information management and life cycle governance. • Implement proactive governance and vulnerability management. Learn more here: https://hubs.la/Q02S6PKY0 #CyberSecurityAwareness #CyberSecurity #SecureOurWorld

Seven Victorians have been charged for their alleged role as "money mules" in a $14 million international investment scam. The group is accused of helping foreign scammers by setting up fraudulent businesses and bank accounts to funnel money overseas, deceiving Australian investors. This case highlights the escalating risks of financial fraud and the urgent need for stronger security measures to protect businesses and individuals. Learn more here: https://hubs.la/Q02Rs4ZY0 #FinancialCrime #ScamAwareness #InvestmentFraud #CyberSecurity #ProtectYourself #FraudPrevention